Manufacturing sector: Asset for Namibian economic upsurge
The best question we should perhaps put across is: Will the Namibian economy flourish without one of its major pillars? Even without economists’ presence, laymen on economic issues will recognise that the response is obviously a ‘no’.
I have always rallied an argument that regards the Covid-19 pandemic as the world's worst terrorist. Its impact should have leveraged a gauging tool where the configuration of government, non-governmental organisations, civil societies and community-based organisations enter into an economic cohesion, cultivating an innovative model for the economic upsurge for our country, Namibia.
This article explores the potential opportunities to grow the economic sector of the country, mirrored on the resurrection of the manufacturing and industrialisation sector, as presented by various conflicts around the global village - the Russia-Ukraine war, the invasion of Gaza, the financial bill protest in Kenya and many others.
It is largely known that economists have a missing gene that they do not believe in biological and societal groupings for individual prosperity. Similarly, I share the same view. Indeed, we are living in a polarised world, where the destruction of life and material is almost taking place daily.
The Russia-Ukraine war, which began nearly two and a half years ago continues to have a mammoth impact on the global economy, more on the affected country and by extension on the developing states. The disruption in energy supplies, food security and the tectonic shift in trade relations are major components which have caused Namibia to strike a balance. Beyond that, they have equally offered a great opportunity, especially in the realm of Inter-African trade arrays.
Break the dependency
Namibia has an opportunity to break the multinational market dependency, using manufacturing and industrialisation, bolstering production and engaging in a pivotal export for crucial commodities such as clothing, the recently discovered oil, fertilisers and other natural resources to African countries and international trade partners.
One major issue, which has been highlighted by the Russia-Ukraine war and other international conflicts, is the need for necessary speed to intensify the resurrection of the Namibian manufacturing and industrialisation sector, far beyond the food security concerns.
Additionally, an active economy is possible should the government spearhead the local procurement of goods and services, supporting the manufacturing industry through policy procedures.
A clearer context is drawn from the stagnant economic performance of our country, where the manufacturing industry is contributing less than what it ought to contribute towards our gross domestic product (GDP). On the contrary, the financial sector is the biggest contributor to our GDP. If it does not concern you as a citizen, you ought to be concerned as an individual.
Ramatex shutdown
When Ramatex closed down, I was in my pre-grades in the Omusati Region, with no knowledge of economic issues. My late aunt came home with tasteless sweets with the brutal news that “iilonga ya kana”, a simple translation of ‘I lost my job’.
The Ramatex shutdown is the genesis of the manufacturing collapse and de-industrialisation of our economy. Today, the economy has been financialised, and the biggest contributors to our GDP are the banks, making the economy based on the dominance of the financial market - which economists lambast, saying a financial-based economy is not a sustainable economy.
The financial institutions have an investment priority, the banks and other financial enterprises do not invest in long-term goals, they only engage in short-term goals called ‘hot money’.
The manufacturing and industrialisation development depends on Namibia’s oriented approach, benchmarking from other African countries such as Egypt and South Africa, favourable industrial policies and tax incentives and ultimately attracting international investors. This can earmark a single market for goods and services, serving as an asset for Namibia’s economic upsurge.
**Efraim Tshigwana Nanyeni holds an honours degree in English and Applied Linguistics from the Namibia University of Science and Technology (NUST). He is currently studying towards an honours degree in public governance at the same institution.
I have always rallied an argument that regards the Covid-19 pandemic as the world's worst terrorist. Its impact should have leveraged a gauging tool where the configuration of government, non-governmental organisations, civil societies and community-based organisations enter into an economic cohesion, cultivating an innovative model for the economic upsurge for our country, Namibia.
This article explores the potential opportunities to grow the economic sector of the country, mirrored on the resurrection of the manufacturing and industrialisation sector, as presented by various conflicts around the global village - the Russia-Ukraine war, the invasion of Gaza, the financial bill protest in Kenya and many others.
It is largely known that economists have a missing gene that they do not believe in biological and societal groupings for individual prosperity. Similarly, I share the same view. Indeed, we are living in a polarised world, where the destruction of life and material is almost taking place daily.
The Russia-Ukraine war, which began nearly two and a half years ago continues to have a mammoth impact on the global economy, more on the affected country and by extension on the developing states. The disruption in energy supplies, food security and the tectonic shift in trade relations are major components which have caused Namibia to strike a balance. Beyond that, they have equally offered a great opportunity, especially in the realm of Inter-African trade arrays.
Break the dependency
Namibia has an opportunity to break the multinational market dependency, using manufacturing and industrialisation, bolstering production and engaging in a pivotal export for crucial commodities such as clothing, the recently discovered oil, fertilisers and other natural resources to African countries and international trade partners.
One major issue, which has been highlighted by the Russia-Ukraine war and other international conflicts, is the need for necessary speed to intensify the resurrection of the Namibian manufacturing and industrialisation sector, far beyond the food security concerns.
Additionally, an active economy is possible should the government spearhead the local procurement of goods and services, supporting the manufacturing industry through policy procedures.
A clearer context is drawn from the stagnant economic performance of our country, where the manufacturing industry is contributing less than what it ought to contribute towards our gross domestic product (GDP). On the contrary, the financial sector is the biggest contributor to our GDP. If it does not concern you as a citizen, you ought to be concerned as an individual.
Ramatex shutdown
When Ramatex closed down, I was in my pre-grades in the Omusati Region, with no knowledge of economic issues. My late aunt came home with tasteless sweets with the brutal news that “iilonga ya kana”, a simple translation of ‘I lost my job’.
The Ramatex shutdown is the genesis of the manufacturing collapse and de-industrialisation of our economy. Today, the economy has been financialised, and the biggest contributors to our GDP are the banks, making the economy based on the dominance of the financial market - which economists lambast, saying a financial-based economy is not a sustainable economy.
The financial institutions have an investment priority, the banks and other financial enterprises do not invest in long-term goals, they only engage in short-term goals called ‘hot money’.
The manufacturing and industrialisation development depends on Namibia’s oriented approach, benchmarking from other African countries such as Egypt and South Africa, favourable industrial policies and tax incentives and ultimately attracting international investors. This can earmark a single market for goods and services, serving as an asset for Namibia’s economic upsurge.
**Efraim Tshigwana Nanyeni holds an honours degree in English and Applied Linguistics from the Namibia University of Science and Technology (NUST). He is currently studying towards an honours degree in public governance at the same institution.
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